General questions about RV loans
How long is an RV loan term?

RVs tend to cost more than cars and less than a house. Accordingly, RV loan terms tend to be longer than auto loans but shorter than a home mortgage. Affinity provides RV financing for up to 120 months – ten years – but each lender sets their own RV loan term limits; some may be longer, others shorter.

What are RV loan interest rates?

RV loan rates tend to be somewhat higher than new and used auto loan rates but lower than rates for motorcycle loans. The interest rate financial institutions offer will also be affected your credit scores. You can see Affinity’s RV loan rates here.

Can I prequalify for RV loans over the phone?

Some RV lenders may not offer prequalification, but Affinity makes it easy to start the process by phone. Just call us at 800-325-0808.

What are the financing terms on RV or camper loans?

With Affinity, you can finance an RV or camper with a down payment of XX% for a term of up to 120 months. 

[Please supply answer]

How do I apply for an RV loan?

With Affinity, you can apply at one of our convenient branches, by filling out a form online, or calling us at 800-325-0808.

What’s a good credit score for RV financing?

[Please supply answer]

What other factors do lenders take into account?

As with other loans, lenders tend to look at your credit score and history, assets, debts, and verifiable income.

What else can you roll into RV financing (e.g., hitch, tax)?

[Please supply answer]

Why borrow from a credit union?

There are basically three possibilities for financing recreational vehicles:

  1. If you buy a new RV, the manufacturer may offer financing
  2. RV dealers typically offer financing for the new and used rigs they sell
  3. You can get financing from an online lender, bank, or credit union, like Affinity

If you finance through the manufacturer, you may have to forego other discounts or rebates. Dealer financing tends to be marked up because that is a profit center for them. You may be able to get a lower rate and better terms if you get financing on your own – and because credit unions (like Affinity) are owned by their members, they may be easier to work with than other lenders.

What might prevent me from getting a loan?

Lenders look at your credit score and history, income, and debts to assess your ability to repay any loan, including an RV loan. And since RV loan amounts tend to be higher than the loan amount for a typical car, the lending criteria can be a little more stringent. If you have a less than stellar credit history or other personal finance issues, talk to an Affinity representative. There may be ways we can help, for example, by suggesting that you get a co-signer to the loan. [Please check this answer for accuracy]

Can I have a co-signer or co-applicant?

Yes. Many RV loans have co-signers or co-applicants.

How are car loans and RV loans different?

RV loans generally work the same way as auto loans, but loan terms and interest rates may vary compared to new or used car financing. The monthly payment for RV loans tends to be higher, and the maximum and minimum loan amount for an RV loan may also vary. Affinity offers new car financing with terms up to 96 months and regular used car financing for up to 84 months. For RVs, we offer terms up to 120 months, and the interest rate will typically be a bit higher than for a car.

What is an RV loan?

Like auto loans, RV loans are used to purchase or refinance a recreational vehicle (i.e., motorhome, trailer, or camper). The vehicle itself is used as security for the loan, and the lender has a lien on the title until the loan is repaid. As with any secured loan, if the borrower fails to repay, the lender can repossess the vehicle.

How hard is it to get approved for an RV Loan

[Please supply this answer] 

What types of RV loans can I get?

Affinity Federal Credit Union can provide RV financing for:

Who can apply for a vehicle loan? 

You must be an Affinity credit union member 18 years of age or older.

Does Affinity finance classic cars in all 50 states? 

[Please supply answer]

Is there a prepayment penalty if I pay my loan off early? 

No. Affinity does not charge prepayment penalties on vehicle loans to members.